Remodeled Two-Building
For Sale
$575,000
508 E Central Ave, La Follette, TN 37766
MULTI_FAMILY - LaFollette, TN
Property Size4,040 SF
Price / SF$142.33
Days on Market46
Property Features for 508 E Central Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Exterior features
Windows - Vinyl
Appliances
Range, Refrigerator
Directions
: I 75 exit 134 to Lafollette (approximately 9 miles). Property is on the right. SOP
Subdivision
Campbell County - 37
Standard status
Active
APN
085K F 00300 000
Size
4,040 SF
Taxes and HOA fees
Tax Annual Amount
2715
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air, Ceiling Fan(s)
Building Details
Year built
1930
Number of units
7
Flooring type
Vinyl, Tile
Building materials
Vinyl Siding, Frame
Roof type
Metal
Listing Agency:
United Real Estate Solutions
(865) 444-2400
Listed By:
Mark Hunter · License #375958
(865) 724-8106
Added: Jun 16
Changed: Jul 30
Last Checked: Jul 31 at 6:06PM
MLS# 1344805
Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This sale offers a remodeled two-building multifamily complex totaling eight units. The property is positioned for straightforward operations, with recently updated, durable finishes intended to support day-to-day rental use. The configuration is set across two buildings, creating a compact portfolio style layout within a single ownership.
The property is located at 508 E Central Ave in LaFollette, within Campbell County, Tennessee. Public remarks note convenient access via nearby interstate routes and proximity to Norris Lake and outdoor recreation opportunities, which can be relevant for tenant and guest demand tied to the area.
For investors and operators, the unit mix and recent renovations may support a hands-on plan that can include long-term residential leasing and/or short-term rental operations, depending on business strategy and requirements. With active rentals in place as described in the remarks, the property may also appeal to buyers looking for a turnkey approach rather than a ground-up renovation. Please contact a broker for showing details and to review the current unit configuration and updates.
The property is located at 508 E Central Ave in LaFollette, within Campbell County, Tennessee. Public remarks note convenient access via nearby interstate routes and proximity to Norris Lake and outdoor recreation opportunities, which can be relevant for tenant and guest demand tied to the area.
For investors and operators, the unit mix and recent renovations may support a hands-on plan that can include long-term residential leasing and/or short-term rental operations, depending on business strategy and requirements. With active rentals in place as described in the remarks, the property may also appeal to buyers looking for a turnkey approach rather than a ground-up renovation. Please contact a broker for showing details and to review the current unit configuration and updates.
Key Highlights
- Two‑building 7‑unit multifamily opportunity in the Norris Lake area with fully updated units across both buildings
- Eight fully renovated units across two buildings, with durable, modern updates reported throughout
- Active rentals are in place, providing immediate income potential based on current occupancy
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $71.3k | $17.64 |
| − Vacancy | −$5.3k | −$1.32 |
| EGI | $65.9k | $16.32 |
| − OpEx | −$29.7k | −$7.34 |
| NOI | $36.3k | $8.97 |
4,040 SF · lease $17.64/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$517.9K
$453.2K – $604.3K
NOI $36,256 @ 7.0% cap · market cap 6.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$875.6K – $1.17M
NOI $70,044 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
403
Businesses Nearby
Explore this area
Business Placement
Demographics for 37766, TN
18,011
Population
9,721
Households
1.9
Avg Household Size
44
Median Age
12%
College-Educated
82%
High-School Grad
137.3 sq mi
ZIP Area
131
Density / Sq Mi
$46,692
Median Household Income
$31,379
Median Earnings
$747
Median Rent
$160,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building, eight-unit complex with recently updated interiors and active rentals ready for an investor or operator.
Where is this apartment building located?
The property is located at 508 E Central Ave La Follette, TN.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Two‑building 7‑unit multifamily opportunity in the Norris Lake area with fully updated units across both buildings; Eight fully renovated units across two buildings, with durable, modern updates reported throughout; Active rentals are in place, providing immediate income potential based on current occupancy
